CPAI urges Maharashtra govt to classify stock and commodity broking under essential services

Kolkata: In the wake of the fresh round of COVID-19 related restrictions announced by the Maharashtra government on April 4, the Commodity Participants Association of India (CPAI) – which is the PAN India apex association of stock and commodity brokers – has written to Maharashtra government to classify stock and commodity broking under “essential services.” This request is particularly in the view that the government has allowed both the leading stock exchanges – NSE and BSE— to remain operational and to ensure the smooth functioning of the exchanges, undisrupted broking services must also be facilitated.

Recognising the importance of capital markets in ensuring the nation’s economic stability, Maharashtra was amongst the first states to have brought stockbroking, along with depositories and mutual funds, under essential services during the nation-wide lockdown imposed in March last year.

Urging the Maharashtra government to provide similar reliefs during the fresh round of restrictions, Mr. Narinder Wadhwa, President, CPAI, said: “On behalf of CPAI, it’s our earnest request to the Maharashtra government to issue necessary clarifications to exempt employees working in broking offices from any curbs on their movement. This is to ensure smooth operations and functioning of the broking offices as without the support of the broking industry, exchanges cannot operate.”

He also assured the government of all the necessary support and full compliance with all other guidelines.

Maharashtra’s new COVID-19 guidelines will come into force from 8 pm on April 5 will remain in force till 11.59 pm on April 30.